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- **Credit Challenges Offset by Growth**: $11.3M charge-offs vs +$195M AUM from Lighthouse acquisition
- **Margin Expansion**: 2.40% (55bps YoY) with Q4 guidance for +5bps
- **Expense Control**: Q3 noninterest expense down 2%, but Q4 guidance up to $37M
- **Share Buyback Pause**: Completed $7M program, pausing to preserve capital
- **Strong Liquidity**: Deposits up $179M QoQ, loan-to-deposit ratio 98%
- **Strategic Hires**: Jim Brown to drive commercial banking growth
- **Risk Management**: Allowance coverage 261%, nonaccruing loans 27bps of total

**【CEO Summary Section】**
- Reported net income of $10.8 million for Q3 2025, with elevated provision for credit losses due to resolution of two significant credit exposures ($11.3 million charge-offs). 
- Core business performance highlights: 
  - Wealth management AUM grew by $195 million via Lighthouse acquisition
  - Mortgage banking revenue up 22% YoY
  - In-market deposits increased $179 million (4% QoQ)
- Strategic hires: Jim Brown (38+ years experience) as Chief Commercial Banking Officer to integrate commercial and wealth services
- 2025 Q3 marks 225th anniversary, reinforcing 225-year commitment to customers and communities

**【CFO Financial Commentary】**
- **Net Income**: $10.8 million ($0.56 EPS) vs $13.2 million ($0.68 EPS) prior quarter
- **PPNR Growth**: +17% QoQ, +48% YoY
- **Net Interest Income**: $38.8 million (+4% QoQ, +20% YoY)
- **Margin Expansion**: 2.40% (up 4bps QoQ, 55bps YoY)
- **Noninterest Income**: $12.1 million (+3% QoQ, +8% YoY)
- **Expense Management**: 
  - Total noninterest expense $35.7 million (-2% QoQ)
  - Salaries down $351k (-2%) due to lower performance-based comp
  - Outsourced services down $284k (-6%)
- **Balance Sheet**: 
  - Loans down $18 million
  - Deposits up $179 million (4% QoQ)
  - Loan-to-deposit ratio 98% (down 3.8pts)
- **Share Repurchases**: 
  - Q3: 237k shares ($6.4 million)
  - Oct: 21k shares ($0.5 million)
  - Total $7 million program completed
  - Dividend yield on buybacks: 8.26%

**【Q&A Key Highlights】**
- **Credit Portfolio**: 
  - $173 million shared national credits ($90M CRE, $84M C&I)
  - Allowance coverage 261% vs nonaccruals
  - Class A office property ($22M) downgraded to special mention due to tenant vacancies, but strong sponsorship and LOI for new tenants
- **Expense Guidance**: 
  - Q4 noninterest expense ~$37 million (aligned with original 2025 guidance)
  - Includes $0.5 million foundation contribution
- **Buyback Pause**: 
  - Pausing additional repurchases to maintain capital for growth
  - Currently below capital ratio targets
- **Margin Outlook**: 
  - Q4 margin expansion ~5bps
  - Driven by deposit growth and reduced wholesale funding
- **Risk Management**: 
  - No NDFI exposure
  - Nonaccruing loans 27bps of total loans (98% collateralized)
  - Past due loans 16bps (98% collateralized)

Washington Trust Bancorp, Inc. (WASH) Q3 2025 Earnings Call Transcript

Revenue

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Financing Services Revenue

Other Revenue

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WASH

WASH fundamentals

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